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Unitholders of Manulife US Reit caught between a rock and a hard place

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Raphael Lim

Raphael Lim

Published Wed, Dec 6, 2023 · 05:00 AM
    • The Reit will obtain around US$235 million in funding from its sponsor, comprising the sale of its Park Place property to the sponsor and a sponsor-lender loan.
    • The Reit will obtain around US$235 million in funding from its sponsor, comprising the sale of its Park Place property to the sponsor and a sponsor-lender loan. PHOTO: MANULIFE US REIT

    A LIFELINE was thrown to Manulife US Real Estate Investment Trust (MUST) last week, some four months after the Reit breached financial covenants.

    The rescue package – in the form of a three-part recapitalisation plan that entails selling assets and taking a loan from its sponsor – provides MUST with a longer timeline to navigate out of its current troubles.

    It is logical for unitholders to vote in favour of the recapitalisation plan at the upcoming extraordinary general meeting (EGM), but investors are still caught between two unpalatable situations.

    manulife us reitS-Reits

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